Sheridan Company deducts insurance expense of $189000 for tax purposes in 2021, but the expense is not yet recognized for accounting purposes. In 2022, 2023, and 2024, no insurance expense will be deducted for tax purposes, but $63000 of insurance expense will be reported for accounting purposes in each of these years. Sheridan Company has a tax rate of 20% and income taxes payable of $166000 at the end of 2021. There were no deferred taxes at the beginning of 2021. Assuming that income taxes payable for 2022 is $212000, the income tax expense for 2022 would be what amount

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)